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A96651
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Roth IRA excesses contribution

I contributed $6500 on Oct 6th,2023, then realized there is income limit, I withdrew $6500 on Oct 8th, 2023 without calling the vauguard . 

i got 1099R with code J, Form 5498 stating 2023 contribution $6500.

1099R didn’t mention anything about the excess of Roth IRA. 

Now my question is

 

1 do I report the form 5498 of my contribution?

2. Expert suggest me to report 1099R and then put basis of Roth IRA as $6500 is this correct?.

 

how do I do my tax return? I didn’t contribute but I have 5498. 


thank you

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3 Replies

Roth IRA excesses contribution

I'll page @dmertz. Please check later.

Roth IRA excesses contribution

You left Vanguard out of the loop which is the incorrect procedure.

Vanguard is supposed to calculate and report any earnings on that contribution 
and return the contribution plus earnings to you.

 

@A96651 

Roth IRA excesses contribution

Contact Vanguard to try to get the earnings calculated and withdrawn.

If you had a loss you would have gotten less than your original contribution back.

 

@A96651 

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